公司资本管理架构的分析与应用

Survey of corporate capital structure research

Thomas Noe

牛津大学赛德商学院终身教授

(1)牛津大学贝利奥尔学院资管理科学主任

(2)曾任职杜兰大学AB.Freeman商学院院长

(3)超过60篇的顶级期刊论文发表，100场以上学术演讲嘉宾。

(4)7个顶级财会期刊编辑（International Review of Finance、Financial Management等）

课题背景
资本结构，是指企业各种资本的价值构成及其比例关系，是企业一定时期筹资组合的结果。广义的资本结构是指企业全部资本的构成及其比例关系。企业一定时期的资本可分为债务资本和股权资本，也可分为短期资本和长期资本。狭义的资本结构是指企业各种长期资本的构成及其比例关系，尤其是指长期债务资本与（长期）股权资本之间的构成及其比例关系。最佳资本结构便是使股东财富最大或股价最大的资本结构，亦即使公司资金成本最小的资本结构。 资本结构是指企业各种资本的价值构成及其比例。企业融资结构，或称资本结构，反映的是企业债务与股权的比例关系，它在很大程度上决定着企业的偿债和再融资能力，决定着企业未来的盈利能力，是企业财务状况的一项重要指标。合理的融资结构可以降低融资成本，发挥财务杠杆的调节作用，使企业获得更大的自有资金收益率。

课题内容
该课程重点关注公司的资本结构---公司如何通过不同的融资渠道（债权股权）实现公司增长。内容包括：资本成本、税盾效应、资本结构的相关理论等。在课程结束后，学生应当能够评估政府税收政策对企业的影响、归纳总结资本结构研究的相关论文、分析公司的资本结构决策、如何写一篇资本结构研究的论文。

适合人群
 对资本结构、财务管理专业感兴趣的高中生，本科生
 修读会计学、财务管理、金融等专业，以及未来希望在资本市场、风险管理、金融机构等领域从业的学生
 具备初等高等数学基础的学生优先

教授介绍

Thomas Noe

牛津大学赛德商学院终身教授

(1)牛津大学贝利奥尔学院资管理科学主任

(2)曾任职杜兰大学AB.Freeman商学院院长

(3)超过60篇的顶级期刊论文发表，100场以上学术演讲嘉宾。

(4)7个顶级财会期刊编辑（International Review of Finance、Financial Management等）

任职学校
牛津大学贝利奥尔学院（Balliol College, Oxford）是牛津大学最著名、最古老的学院之一，以活跃的政治氛围著称，曾经培养出了多位英国首相和其他英国政界的重要人物。此外该学院也是招收最多外国学生的牛津学院。贝利奥尔学院早期一直是比较不引人注目的学院，直到19世纪中期本杰明˙乔维特（Benjamin Jowett）出任院长后才逐渐将学院发展成为牛津最重要的学院之一。英国前首相阿斯奎斯曾形容贝利奥尔的学生“平静地流露出一种自然的优越感”。 牛津大学是英国牛津的一所研究型大学。牛津大学的历史和影响力使它成为世界上最负盛名的大学之一。它拥有世界上最古老的大学博物馆、世界上最大的大学出版社和全国最大的学术图书馆系统。该大学被大多数国际和主要的国家排行榜列为最好的高等教育机构之一。 牛津大学培养了许多著名的校友，包括28位英国首相和世界各地的许多国家和政府首脑。截至2019年10月，牛津大学共有72位诺贝尔奖获得者、3位菲尔兹奖获得者和6位图灵奖获得者在牛津大学学习、工作或举办访问学者奖学金，而牛津大学校友则获得了160枚奥运奖牌。牛津大学是众多奖学金的发源地，包括罗兹奖学金(Rhodes Scholarship)，这是最古老的国际研究生奖学金项目之一。

课程安排与收获
• 8周在线小组科研（总课时78小时）
• 网申推荐信
• 学术评估报告
• 项目成绩单
• 论文成果

课纲
 

Survey of corporate capital structure research

Thomas Noe, Ph.D.

Course Description This course surveys research on corporate capital structure—-how firms finance growth and investment using different sources of funds such as debt and equity. Topics covered include the cost of capital, the value of debt tax shields, how firms actually choose between using debt and equity financing, as well as economic capital structure theories.

Suggested preparation Familiarity with the basic principles of financial accounting, discounting cash flows, and basic statistical research methods is essential. The assignments will not involve any elaborate mathematical derivations. However, understanding the famous research papers covered requires some degree of mathematical sophistication, e.g., understanding calculus and linear algebra, and an ability to read equations.

Learning objectives   After completing this course, student should be able to

a.    Consider the effects a proposed change in government regulatory or tax policy on corporations’ financing policies.

b.     Summarize a specific research topic within capital structure research

c.    Critique research papers on capital structure

d.     Analyze the capital structure decisions (debt/equity financing mix) of a corporation

e.    Know how to structure an academic research paper related to capital structure

Schedule The course will be conducted over six week. The first half of the course (first three weeks) will be devoted to research on corporate capital structure.  The second half of the the course (last three weeks) will be devoted to small-group based work devoted to developing research projects related to capital structure. The topics covered in the first half of the course were selected based on their usefulness for conducting the research projects that will be developed in the second half of the course.

Textbook Principles of Corporate Finance, 13th edition, 2020, Richard Brealey, Stewart Myers, and Franklin Allen, McGraw Hill (BMA).

Readings The readings for this course are drawn from the assigned text book, BMA, and from scholarly re- search, as well as survey articles that summarize the academic literature on capital structure. Complete biblio- graphic references for the articles are provided below in the References section.

Week    Readings

1              BMA Chapters 7, 8, 9, 14 and 17, Alchian and Demsetz (1973), Bruner

et al. (1998), Ruback (2002)

2              BMA Chapter 18 and 19, Leland (1994), Myers and Majluf (1984)

3              Chaney, Sraer, and Thesmar (2012), Andrade and Kaplan (1998), Leary and Roberts (2005), Townsend (1979)

4              Frank, Goyal, and Shen (2020), Ai, Frank, and Sanati (2020)

5              Reading assignments based on student project choices

6              No reading assignment

Assignments The assignments for this course are aimed to develop a knowledge base sufficient to write a re- search paper on capital structure and develop the research skills required to structure, develop, and communicate the results of a research project.

Question sets: In the first half of the course, students will be assigned questions related to the material covered in the lectures. Students will submit answers to these questions. Answers are due on the Friday before the next lecture.

Presentations of capital structure research papers: Presentation slides and presentations of research papers on corporate capital structure. Each student will select a paper from the papers referenced in Frank, Goyal, and Shen (2020) and Ai, Frank, and Sanati (2020) and prepare a 20 minute presentation, in week 6, on their selected paper. Presentations will be graded both on the accuracy and rigor with which the research paper’s results are detailed and the quality of exposition, i.e., clarity, grammar, and organization. Students must submit their presentation slides at the time of presentation. Rubric provided in Week 1.

Preliminary Research Paper: This paper is expected to be between 10–12 pages (double-spaced). The Prelim- inary Research Paper is due on Friday 12/9/20. Given time constraints, a competed research paper is not expected. Students are expected to develop a preliminary research paper. The paper will (a) pose a research question, (b) argue that the question is of significant import, (c) propose an approach to investigating the question, and (d) explain the relationship between the proposed research project and the existing literature on the question. The quality of exposition will also affect the grading of these papers. Rubric provided in Week 2. Presentation slides must be prepared before the presentation of the preliminary research paper.

Grading   Grading will be based on student performance on assignments. The grading scheme is presented below.

Assignments                                                                          Contribution to final grade

Question sets                                                                        25%

Capital structure research paper presentation                                25% Preliminary research paper, presentation, and presentation slides                                  50%

Plagiarism Plagiarism is representing the ideas or writings of others as one’s own. Plagiarism is considered a serious ethical lapse. Plagiarism frequently results in expulsion from universities and sometime ends the careers of promising scholars. All students must attribute ideas derived from others—whether from text, data, websites, or personal communication—to the source of these ideas with a citations. Any text copied from others must be placed inside quotation marks and cited. The exception to this rule is that students need not cite the lecture slides, lecture presentations, ideas developed in class, or discussions with the TA and/or professor. All student submissions must represent work performed by the individual student submitting the work.

References

Ai, Hengjie, Murray Z. Frank, and Ali Sanati. 2020. “The trade-off theory of corporate capital structure.” Working paper, University of British Columbia.

Alchian, Armen A. and Harold Demsetz. 1973. “The property right paradigm.” Journal of Economic History

33 (1):pp. 16–27.

Andrade, Gregor and Steven N Kaplan. 1998.  “How costly is financial (not economic) distress? Evidence from highly leveraged transactions that became distressed.” Journal of Finance 53 (5):1443–1493.

Bruner, R, K Eades, R Harris, and R Higgins. 1998. “Best practices in estimating the cost of capital: Survey and synthesis.” Financial Practice & Education 8:13–28.

Chaney, Thomas, David Sraer, and David Thesmar. 2012. “The collateral channel: How real estate shocks affect corporate investment.” American Economic Review 102:2381–2409.

Frank, Murray Z., Vidhan K. Goyal, and Tao Shen. 2020. “The pecking order theory of capital structure: Where do we stand?”  Working Paper, University of British Columbia.

Leary, Mark T. and Michael R. Roberts. 2005.  “Do firms rebalance their capital structures?”   The Journal of Finance 60 (6):2575–2619.

Leland, Hayne E. 1994.  “Corporate debt value, bond covenants, and optimal capital structure.”  The Journal of Finance 49 (4):1213–1252.

Myers, Stewart C. and Nicholas S. Majluf. 1984. “Corporate financing and investment decisions when firms have information that investors do not have.” Journal of Financial Economics 13 (2):187–221.

Ruback, Richard S. 2002.  “Capital cash flows: A simple approach to valuing risky cash flows.”  Financial Management 31 (2):85–103.

Townsend, Robert M. 1979.  “Optimal contracts and competitive markets with costly state verification.”  Journal of Economic Theory 21 (2):265–293.